Technology Select Sector SPDRClose $177.14EOD only
Max Pain
$162.00
Next expiry May 22, 2026
Expected Move
±$4.07
2.3% from close
Price Gap
-15.14
Distance to max pain
IV Rank
78
High premium
P/C OI
2.23
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects XLK options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 20, 2026 close
Max Pain — XLK
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $162.00 (15.14 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$162.00
Nearest expiry
Expected Move
±$4.07
±2.3%
Days to Expiry
2
Calendar days
Total Call OI
15,107
Nearest expiry
Total Put OI
54,134
Nearest expiry
P/C OI Ratio
3.58
Put-heavy
Spot Price
$177.14
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$152.00
5/8/2026, 11:34:55 PM
2026-05-15
$153.00
5/15/2026, 11:45:02 PM
2026-05-22NextUpdated
$162.00
5/20/2026, 11:41:12 PM
2026-05-29
$170.00
5/20/2026, 11:41:12 PM
2026-06-05
$167.00
5/20/2026, 11:41:12 PM
2026-06-12
$150.00
5/20/2026, 11:41:12 PM
2026-06-18
$147.50
5/20/2026, 11:41:12 PM
2026-06-26
$160.00
5/20/2026, 11:41:12 PM
2026-07-17
$155.00
5/20/2026, 11:41:12 PM
2026-08-21
$160.00
5/20/2026, 11:41:12 PM
2026-09-18
$160.00
5/20/2026, 11:41:12 PM
2026-12-18
$162.50
5/20/2026, 11:41:12 PM
2027-01-15
$145.00
5/20/2026, 11:41:12 PM
2027-03-19
$180.00
5/20/2026, 11:41:12 PM
Selected expiration: 2026-05-22 at max pain $162.00.
XLK pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
100
0
219661850
219661850
105
115000
192695850
192810850
110
230000
165789850
166019850
115
345000
138884350
139229350
120
465000
112091350
112556350
121
490000
106736050
107226050
122
517700
101381850
101899550
123
545400
96028750
96574150
124
573100
90676450
91249550
125
600800
85325350
85926150
126
629200
79997550
80626750
127
657600
74669850
75327450
128
686200
69342850
70029050
129
715700
64016050
64731750
130
745200
58689650
59434850
131
775300
57016250
57791550
132
805600
55343150
56148750
132.5
824300
54506950
55331250
133
845250
53670850
54516100
133.5
866900
52835000
53701900
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.